##### 



EXHIBIT 11

STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS (LOSS)

GREAT WESTERN LAND AND RECREATION, INC.
COMPUTATION OF PER SHARE EARNINGS (LOSS)

|                                                   |                                          |   |               |         |              |   |            |        |  
|-------------------------------------------------- | ---------------------------------------- | - | ------------- | ------- | ------------ | - | ---------- | ------ | -
|                                                   |                                          |   | Nine          |         |              |   |           
|                                                   |                                          |   | months ended  |         | Year ended  
|                                                   |                                          |   | September 30, |         | December 31,
|                                                   |                                          |   | 2003          |         | 2002        
|                                                   |                                          |   |               |         |             
|Net earnings                                       |                                          | $ | 15,185        |         |              | $ | 13,863     |       
|Less: Preferred stock dividends                    |                                          |   | (31,850       | )       |              |   | (23,630    | )     
|                                                   |                                          |   |               |         |              |   |            |       
|                                                   | Earnings available to common shareholder |   | $             | (16,665 | )            |   | $          | (9,767 | )
|                                                   |                                          |   |               |         |              |   |            |       
|Basic weighted average common shares outstanding   |                                          |   | 20,781,965    |         |              |   | 20,781,965 |       
|Add: Dilutive effect of stock options              |                                          |   |              |         |              |   |           |       
|                                                   |                                          |   |               |         |              |   |            |       
|Diluted weighted average common shares outstanding |                                          |   | 20,781,965    |         |              |   | 20,781,965 |       
|                                                   |                                          |   |               |         |              |   |            |       
|Earnings (loss) per share                          |                                          |   |               |         |              |   |            |       
|                                                   | Basic                                    |   | $             |        |              |   | $          |       |  
|                                                   | Diluted                                  |   | $             |        |              |   | $          |       |  

2